Another strong session for currency.........>

OPTIONS: Another strong session for currency options markets, with a number of

major pairs posting well above average volumes for this time of day. USD/CNY,

for the second consecutive session, is the standout with $13.5bln in options

notional traded vs. the approx. $4bln you'd expect to see for this point of the

session. Yesterday, USD/CNY calls were the stand-out trade, with the ratio of

calls/puts touching the highest level for weeks despite the rally in spot CNY.

Today's trade far more balanced, with puts outnumbering calls slightly.

USD/JPY trades crossing the DTCC today also well above average, with

Y112.00/112.50/113.00 put strikes in firm demand. This comes alongside the

pullback in USD/JPY risk reversals today after touching a multi-week high in the

Monday session.